on the crypto
Ripple, the reasons behind the price boom: a look at a "secondary" cryptocurrency, which could be talked about in the coming months ...
In recent days Ripple was at the center of a real boom in its prices, which led the cryptocurrency to double (or almost) double its price in the course of a single session on 12 December.
But what are the reasons that are pushing Ripple so high? It will be sustainable - technical retracements aside - this trend?
Bitcoin good haul
A first cause that allowed Ripple to raise your head is certainly linked to what happened at home Bitcoin, with the best known and capitalized cryptocurrency in the world that made its entrance into the world of futures on regulated markets, from the CBOE port (soon it will also do so from the CME, and then to Nasdaq).
South Korea focuses strongly on Ripple
In reality, however, Ripple can boast an almost unique peculiarity in the rich world of cryptocurrency. Ripple indeed it has as a driving market the market of South Korea: to be aware of this, it is sufficient to take into consideration that on the day of the boom in its prices, they were traded Ripple for 2,8 billions of dollars, and a third of the volumes referred to a Korean exchange, Bithumb. The second exchange, koinon, is also Korean, and weighed for another 10% of the volume.
Well, asking the reasons for these movements, a report from nikkei.com reminds how the South Korean banks are going to test the Ripple blockchain within today, in order to reduce the cost of transactions by 30% and allow faster and more effective bank transfers.
It is also not the first time that Ripple has relations with "traditional" credit and financial institutions: two months ago, for example, he signed an agreement with American Express, demonstrating that not the whole cryptocurrency landscape is viewed with skeptical eyes by banks & co ...